||United States : HFF closes $41 million sale of 615,650-square-foot Class A distribution facility near Charleston, South Carolina
||Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $41 million sale of Charleston Gateway Distribution Center, a 615,650-square-foot, 100-percent-leased, Class A warehouse, distribution and freezer storage complex in the Charleston-area community of Summerville.
HFF marketed the property on behalf of the seller, J.L. Woode, ltd. CenterPoint Properties purchased the asset. Charleston Gateway Distribution Center comprises 473,124 square feet of bulk warehouse space, 121,466 square feet of state-of-the-art freezer/cold storage space and 21,060 square feet of truck maintenance and storage. The three-building complex features up to 42 clear heights, 64 dock high loading positions, a deep 205 truck court with a 60 concrete apron and 94 designated trailer storage spaces.
The two buildings are full leased to Zinus, Inc.; Argo Merchants Group and H&E Equipment Services. Situated on 109 acres at 1125 Newton Way, Charleston Gateway Distribution Center is positioned adjacent to Interstate 26, which has connectivity to the regions major thoroughfares, sea and air terminals. The Port of Charleston North Container Terminal, the most productive port in the nation and one that can handle post-Panamax vessels, is approximately 30 miles from the property.
The HFF investment sales team representing the seller was led by senior managing director Chris Norvell. Investor appetite for industrial real estate in Charleston is proving to be very robust, which is not surprising given the amazing storylines in the market, Norvell said. Manufacturing job growth, expanding ports and a stellar quality of life are significant green lights for national industrial investors.
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